European stocks up supported by tech shares, UBS stocks surge

European stocks rose on Wednesday, tracking improved sentiment in Asian markets following plans to dismantle Chinese tech giant Alibaba, while Swiss bank UBS rose after it reappointed Sergio Ermotti as CEO.

According to “Reuters”, the Stoxx 600 index of European shares rose 0.6 percent by 0705 GMT, in line with the gains of Asian shares.

UBS shares rose 2.2 percent after the Swiss bank announced the appointment of Ermotti to lead the takeover of Credit Suisse. Credit Suisse rose 2.1 percent, while the financial services and banking indices rose about 1 percent each.

German Infineon shares jumped 5.1% after the chipmaker raised its forecasts for the second quarter of the fiscal year and for the whole of 2023. The technology sector index increased by 1.7 percent, leading the gains of the sub-sector indices

Mercedes-Benz shares fell 1.8 percent after news that the Kuwaiti sovereign wealth fund intended to reduce its stake in the German luxury automaker by selling 20 million shares.